Heptanoic Acid Market: Introduction
Transparency Market Research delivers key insights on the global heptanoic acid market. In terms of revenue, the global heptanoic acid market is estimated to expand at a CAGR of 3.4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global heptanoic acid market.
The global heptanoic acid market is broadly affected by several factors, including rise in usage of heptanoic acid as a lubricant in the automotive industry. Heptanoic acid is utilized in the form of esters for industrial lubricants owing to its unique performance at both low and high temperature levels (aviation, automobile, refrigeration lubricants, etc.) and its good anti-corrosion properties.
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Heptanoic Acid Market: Dynamics
Global car sales increased by 4% in 2021, with China being the largest single-country new car market and India being a rapidly expanding major global vehicle market. China remained the largest and best-performing major single-country car market in the world with sales up 6.6% registering more than 21 million vehicles in 2021.
The heptanoic acid market is majorly dependent on the automobile industry, as heptanoic acid is primarily utilized as a lubricant in the automotive industry. Heptanoic acid is widely used as a synthetic flavoring ingredient in the production of special lubricants for brake fluids. The demand for heptanoic acid is estimated to be high in the automotive industry, especially for vinyl plasticizers and synthetic lubricants, wherein it is employed in the synthesis of polyol esters.
The cosmetics & personal care industry is estimated to offer significant opportunity for use of heptanoic acid in the near future, as it is utilized as a chemical intermediate in the synthesis of bio-based skin conditioning agents, emollients, and viscosity controlling agents such as glyceryl triheptanoate and stearyl heptanoate.
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Heptanoic Acid Market: Prominent Regions
Based on region, the global heptanoic acid market has been divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific accounted for a major share of the global heptanoic acid market in 2020. China held a significant share of the heptanoic acid market in Asia Pacific in 2020. The trend is likely to continue during the forecast period. However, the current environmental crackdown in China raises serious concerns about capacity and future additions.
The heptanoic acid market in Europe is anticipated to expand at a substantial pace during the forecast period. Larger size of end-use industries in Germany and France is expected to augment the market in the region during the forecast period. Expansion of the tire industry in Europe is expected to drive the heptanoic acid market in the region in the next few years.
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Heptanoic Acid Market: Key Players
The global heptanoic acid market is fragmented, with the presence of a large numbers of players. Major players operating in the global heptanoic acid market are Arkema, Acme Synthetic Chemicals, Merck KGaA, Akshar Chemicals, OQ Chemicals GmbH, and Kalpsutra Chemicals Pvt. Ltd.
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